Magnite Inc
{{short description|American advertising technology firm}}
{{Infobox company
| name = Magnite Inc.
| logo = File:Magnite-logo-black.svg
| image =
| image_caption =
| former_name = Rubicon Project
| key_people = Michael Barrett, President & CEO
| type = Public
| traded_as = {{NASDAQ|MGNI}}
| industry = Internet
Computer software
Advertising
| foundation = Los Angeles, California
({{Start date|2007|05|1}})
| location_city =
| num_employees =
| revenue = {{Increase}} $468.4 Million (2021){{Cite web|url=https://www.globenewswire.com/en/news-release/2022/02/23/2390772/0/en/Magnite-Reports-Record-Fourth-Quarter-2021-Results.html|title = Magnite Reports Record Fourth Quarter 2021 Results}}
| area_served = Worldwide
| homepage = {{URL|https://www.magnite.com}}
}}
Magnite Inc. (formerly Rubicon Project) is an American online advertising technology firm based in Los Angeles, California. The company was formed following a merger between Rubicon Project and Telaria in 2020.
History
Rubicon Project was founded in 2007 by Frank Addante, Craig Roah, Duc Chau and Julie Mattern, who had previously worked together at L90/adMonitor, an online advertising network.[https://labusinessjournal.com/news/internet-pioneers-went-their-own-way-then-reunited/ "Internet Pioneers Went Their Own Way, Then Reunited"] Los Angeles Business Journal. November 18, 2007.
By April 2009, the company had raised $33 million in venture funding led by Clearstone Venture Partners, IDG Ventures Asia and Mayfield Fund. The company also secured $8 million in venture debt from Silicon Valley Bank.{{cite web |url=https://www.fis.dowjones.com/WebBlogs.aspx?aid=DJFVW00020090413e54d00003&ProductIDFromApplication=&r=wsjblog&s=djfvw |title=Rubicon Project To Go Shopping With $13M |first=Ty |last=McMahan |date=April 13, 2009 |publisher=Dow Jones VentureWire |access-date=November 29, 2010}}
In February 2014, Rubicon Project filed for an IPO{{cite web|url=http://www.businessinsider.com/rubicon-project-ipo-2014-2|title=Rubicon Project Files For $100 Million IPO — Here's A Basic Guide To Its Finances|website=Business Insider|publisher=}} and went public in April 2014 opening at over $20 per share. The stock fell back to about $16 per share later in the month.{{cite web|url=http://www.thestreet.com/story/12685682/1/why-the-rubicon-project-rubi-stock-is-plummeting-today.html|title=Why The Rubicon Project (RUBI) Stock Is Plummeting Today|first=Amanda|last=Schiavo|date=April 28, 2014|publisher=|access-date=}}
In March 2014, the company was named number two on the top Ad Exchange Entities by comScore.{{cite web | date=April 2014 | title= comScore Media Metrix Ranks Top 50 U.S. Desktop Web Properties| url=http://www.comscore.com/Insights/Press-Releases/2014/4/comScore-Media-Metrix-R-Ranks-Top-50-US-Desktop-Web-Properties-for-March-2014}}
In February 2017, the company released its president and several other top executives.{{cite web|url=http://www.adweek.com/digital/rubicon-projects-president-is-among-several-executives-leaving-the-company/|title=Rubicon Project's President Is Among Several Executives Leaving the Company|author=|date=|work=AdWeek.com|access-date=April 30, 2017}} On March 14, 2017, CEO and founder Frank Addante stepped down from his position to take the role of chairman. The company announced Michael Barrett, previously the chief executive of mobile advertising marketplace Millennial Media and chief revenue officer at Yahoo!, would be the new chief executive.{{cite web|url=http://labusinessjournal.com/news/2017/mar/14/rubicon-project-ceo-steps-down-following-rough-yea/|title=Rubicon Project CEO Steps Down Following Rough Year |website=labusinessjournal.com |date=March 14, 2017 |access-date=March 14, 2017}}
In May 2024, Netflix announced its first expansion of its advertising partnerships to include Magnite, The Trade Desk and Google DV360.[https://www.hollywoodreporter.com/business/business-news/netflix-ad-tier-update-40m-users-shift-from-microsoft-1235900301/ "Netflix Says Ad Tier Has 40M Users, Plans to Bring Ad Tech In-House in Shift From Microsoft"] Hollywood Reporter. May 15, 2024
In May 19, 2025, OSN has chosen Magnite, the independent sell-side advertising company, to power its new “Advanced TV” advertising solution. This marks the first time OSN will offer addressable advertising across its set-top box (STB) linear broadcast and video-on-demand (VOD) inventory. Using Magnite’s SpringServe video platform, targeted ads will now be delivered to OSN set-top boxes across the MENA region.{{Cite web|title=OSN partners with Magnite to launch addressable TV advertising|url=https://www.broadcastprome.com/news/osn-partners-with-magnite-to-launch-addressable-tv-advertising/|date=2025-05-19|website=Broadcast Pro ME|language=en|access-date=2025-06-03}}
=Merger with Telaria=
In December 2019, Rubicon Project and Telaria announced a merger.{{Cite web|last=Swant|first=Marty|title=Rubicon Project And Telaria Are Merging To Scale Connected TV Advertising|url=https://www.forbes.com/sites/martyswant/2019/12/19/rubicon-project-and-telaria-are-merging-to-scale-connected-tv-advertising/|access-date=2021-01-30|website=Forbes|language=en}} Shareholders of Telaria and Rubicon project approved the merger on March 30, 2020, and the merger was completed on April 1.{{Cite web|title=Rubicon Project and Telaria Combine, Forming the Largest Independent Sell-Side Ad Tech Company|url=https://www.fool.com/investing/2020/04/01/rubicon-project-telaria-combine-forming-largest-in.aspx|last=Sparks|first=Daniel|date=2020-04-01|website=The Motley Fool|language=en|access-date=2020-05-13}}
While the two businesses initially fell under Rubicon Project and operated as two separate brands, the company rebranded under the name Magnite in June 2020.{{Cite web|last=Chen|first=I-Chun|date=2020-06-30|title=Rubicon Project rebrands as Magnite after Telaria merger|url=https://www.bizjournals.com/losangeles/news/2020/06/30/rubicon-rebrands-as-magnite-after-telaria-merger.html|archive-url=|archive-date=|access-date=2020-10-14|website=Los Angeles Business Journal}} The merger made Magnite the world's largest independent omnichannel sell-side platform.
= Acquisition of SpotX =
In February 2021, Magnite acquired SpotX from European entertainment network RTL Group for $1.17 billion in cash and stock.{{Cite web |date=2021-02-05 |title=Magnite Acquires SpotX For An Eye-Watering $1.17 Billion |url=https://www.adexchanger.com/digital-tv/magnite-acquires-spotx-for-an-eye-watering-1-17-billion/ |access-date=2023-02-02 |website=AdExchanger |language=en-US}}
=Previous Rubicon Project Acquisitions=
In September 2009, the Rubicon Project acquired OthersOnline, an audience profiling technology company based in Seattle. [https://www.bizjournals.com/seattle/blog/techflash/2009/09/others_online_sells_out.html "Others Online to make ads more relevant with the Rubicon Project"] Puget Sound Business Journal. September 15, 2009
In May 2010, the company bought Site Scout, a malware detection company also based in Seattle.{{cite web|title=The Rubicon Project Buys Malware Security Company SiteScout|url=https://techcrunch.com/2010/05/25/the-rubicon-project-buys-malware-security-company-sitescout/|date=May 25, 2010|publisher=TechCrunch}}
In October 2010, the company acquired Fox Audience Network from News Corp in return for a minority stake in the company. It also received $18 million in additional funding led by Peacock Equity, the venture division of NBC Universal.{{cn |date=March 2025}}
In May 2012, Rubicon Project acquired Mobsmith, a mobile technology company.[https://techcrunch.com/2012/05/23/rubicon-project-acquires-mobsmith/ "Rubicon Project Acquires Mobsmith To Expand Into Mobile Ads"] Techcrunch. May 23, 2012.
In August 2012, the company became the top-ranked online advertising company in terms of reach, with a 96.2% audience share, according to rankings provided by ComScore. This placed Rubicon ahead of Google for the first time, and also ahead of other competitors such as AOL and AT&T.{{cite web|last=Thomas |first=Owen |url=http://www.businessinsider.com/a-startup-youve-never-heard-of-just-beat-google-on-one-key-number-2012-8 |title=Rubicon Project Crushes Google On A Key Ad Metric |publisher=Business Insider |date=August 9, 2012 |access-date=September 29, 2012}}
In July 2013, the company expanded its executive ranks with the addition of 10 senior people.{{cite web|date=July 31, 2013|url=http://www.marketwatch.com/story/the-rubicon-project-expands-and-deepens-its-senior-management-team-2013-07-31|title=The Rubicon Project Expands and Deepens Its Senior Management Team|publisher=|access-date=}}